employer matching – Benefits Canada.com https://www.benefitscanada.com Canada's most influential pension and benefits publication for decision-makers Fri, 22 Nov 2024 22:16:07 +0000 en-US hourly 1 https://wordpress.org/?v=4.9.8 2024 DC Investment Forum: Panel: How employers are supporting plan members’ investment decisions amid rising cost of living https://www.benefitscanada.com/events/conference-coverage/2024-dc-investment-forum-panel-how-employers-are-supporting-plan-members-investment-decisions-amid-rising-cost-of-living/ Wed, 06 Nov 2024 12:51:23 +0000 https://www.benefitscanada.com/?p=161887 The rising cost of living in the post-pandemic era has impacted all aspects of employees’ financial wellness, including retirement savings. In 2023, Hofmann-La Roche Ltd. examined the savings needs of its multigenerational workforce and determined more flexibility was required to encourage employees to set aside retirement savings, said Rana Kassab (pictured right), the company’s director […]

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]]> 2024 Top 50 DC Plans Report: How are plan sponsors using AI to affect pension member experience, savings outcomes? https://www.benefitscanada.com/archives_/benefits-canada-archive/2024-top-50-dc-plans-report-how-are-plan-sponsors-using-ai-to-affect-pension-member-experience-savings-outcomes/ Fri, 11 Oct 2024 12:58:51 +0000 https://www.benefitscanada.com/?p=160881 The Co-operative Superannuation Society Pension Plan is in the middle of a years-long digital transformation that’s aiming to improve member experience. In addition to introducing a modernized and secure member portal, the CSS (No. 2 on the 2024 Top 50 Defined Contribution Plans report) is planning to start leveraging artificial intelligence, says Tami Dove, the […]

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]]> How employers can support female employees’ financial, retirement wellness https://www.benefitscanada.com/archives_/benefits-canada-archive/how-employers-can-support-female-employees-financial-retirement-wellness/ Fri, 13 Sep 2024 12:57:35 +0000 https://www.benefitscanada.com/?p=159970 Brianne Collins, age 29, has worked as a senior copywriter at a large Toronto-based advertising agency for just over a year. Collins’ agency supports employee financial wellness in several ways, including a group registered retirement savings plan, financial advice and Financial Literacy Month webinars with sessions covering various financial topics. “In busy day-to-day work, it’s […]

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]]> York University, YUFA agreement includes multiple benefits gains https://www.benefitscanada.com/benefits/health-benefits/york-university-yufa-agreement-includes-multiple-benefits-gains/ Thu, 12 Sep 2024 13:00:11 +0000 https://www.benefitscanada.com/?p=160075 The union representing more than 1,600 faculty, librarians, archivists and post-doctoral researchers at York University has ratified a three-year collective agreement that includes multiple benefits gains. The agreement includes an increase in coverage for eyeglasses from $850 to $935 every 24 months, as well as an increase for paramedical services from $3,000 to $3,200. In […]

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]]> How employers can support working grandparents’ financial wellness, retirement readiness https://www.benefitscanada.com/benefits/health-wellness/survey-finds-working-retired-canadian-grandparents-risking-financial-future-to-support-family/ Fri, 09 Aug 2024 13:00:03 +0000 https://www.benefitscanada.com/?p=159070 Working grandparents who are providing financial support to children and/or grandchildren are risking their own plans for retirement, says Craig Bannon, director of financial planning centre of expertise at the Royal Bank of Canada. “[They might need to] delay their retirement to extend their earning years or continue to work on a part-time basis in […]

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]]> Digital engagement helping plan members save more for retirement: report https://www.benefitscanada.com/pensions/retirement/digital-engagement-helping-plan-members-save-more-for-retirement-report/ Tue, 16 Jul 2024 13:00:07 +0000 https://www.benefitscanada.com/?p=158144 Retirement plan members who engage with their plan digitally have an average retirement account balance 230 per cent higher than those who weren’t engaged ($123,800 versus $51,800), according to a new report by Sun Life Financial Inc. The report, which analyzed data from 1.45 million Sun Life group retirement plan members, found employees who were were digitally engaged are also more […]

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]]> Dollar cap matching could more equitably distribute 401(k) contributions, reduce plan sponsor costs: report https://www.benefitscanada.com/pensions/cap/dollar-cap-matching-could-more-equitably-distribute-401k-contributions-reduce-plan-sponsor-costs-report/ Tue, 11 Jun 2024 13:00:00 +0000 https://www.benefitscanada.com/?p=156675 Dollar cap match formulas could distribute employer contributions to 401(k)s more equitably than other common match formulas, according to a new report by Vanguard Inc. The report analyzed more than 1,300 large employer-sponsored plans that are record-kept by Vanguard between 2013 and 2022. It found among two-thirds of plans, employer contributions exacerbate pay inequity and […]

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]]> Martin Brower, Unifor agreement includes pension, benefits gains https://www.benefitscanada.com/pensions/defined-benefit-pensions/martin-brower-unifor-agreement-includes-pension-benefits-gains/ Fri, 10 May 2024 19:00:04 +0000 https://www.benefitscanada.com/?p=155471 Warehouse workers and transportation drivers employed by Martin Brower in Ontario have ratified a three-year collective agreement that includes pension and benefits gains. The workers, who are members of Unifor Local 1285, reached an agreement that will see pension contributions increase by $100, up to $700 over the life of the agreement, and the employer […]

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]]> 74% of U.S. DC pension plan sponsors to conduct plan fee review in 2024: survey https://www.benefitscanada.com/pensions/cap/74-of-u-s-dc-pension-plan-sponsors-to-conduct-plan-fee-review-in-2024-survey/ Wed, 08 May 2024 19:00:28 +0000 https://www.benefitscanada.com/?p=155327 Three-quarters (74 per cent) of U.S. defined contribution pension plan sponsors say they’ll review plan fees throughout 2024, according to a new survey by investment consulting firm Callan. The survey, which polled more than 130 DC plan sponsors, found that half of respondents said they’re likely to move to lower-cost investment vehicles in 2024, up […]

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]]> Employer matching key to supporting young workers’ retirement readiness: report https://www.benefitscanada.com/pensions/retirement/employer-matching-key-to-supporting-young-workers-retirement-readiness-report/ Thu, 11 Apr 2024 13:00:24 +0000 https://www.benefitscanada.com/?p=154158 Employer-sponsored retirement plans that offer matching contributions can help younger workers retire earlier and with more money, according to a new report by Mercer Canada. The report based its findings on a sample worker aged 30 earning $70,000 and with $30,000 of personal debt, using five per cent of their income to either pay down […]

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